PCM Vol.2 - Issue 10

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Thought Leaders Corner Sarah Clark General Manager-identity Sarah Clark is the General Manager- Identity at Mitek, a global leader in mobile capture and identity verification software. Before joining Mitek, Sarah successfully managed the product strategy and business development for startups in the payments, e-commerce and technology markets. Sarah holds a BS in Mathematics from Duke University and further developed her managerial skills at Harvard Business School. and record-keeping, proving that regulators are conscious that too much regulation could hinder innovation and are therefore taking a more strategic view when developing new regulations. A seamless mobile user experience and secure ID verification are not mutually exclusive A seamless mobile user experience and more secure identity verification are not mutually exclusive; they are solved in tandem by Mobile Verify which offers instant Identity document authenticity verification with a quick and easy scan using the camera on the mobile device. Most efficient fintech solutions today are simple but surprisingly powerful. Transparent, lean, and user-friendly, they communicate the delivered value in an easy to consume way for the general audience. Achieving a frictionless customer journey that solves today’s tech savvy customer’s demands for immediacy and resolution ranks high among retail banks’ strategic goals. At a time when the leading financial institutions are leaning on user experience to attract and retain their mobile-centric users, rethinking what a bank is and what it means to digitalfirst and mobile-only customers, is paramount to tap on high value customers such as Millennials, expats, international students or the underbanked. Actually, in a global economy where people keep on the move, being capable of checking the identity of your prospective customers regardless their country of origin will translate into more safe and effortless acquisitions. Leveraging the power of mobile capture for ID verification, Mitek sits right at the intersection of convenience and security: our mobile ID authentication technology enables consumers to easily and instantly validate their identity by simply snapping a picture of their government-issued proof of identity with their smartphone’s camera. No matter how the image comes through, nor its quality, using a combination of advanced image capture software and facial recognition technology, Mitek first verifies the authenticity of a document, and then evaluates the information in the document and applies it for data validation, assuring in real time that the ID presented in a mobile transaction is a genuine, unaltered, and governmentissued ID. In other words, we are able to authenticate that the IDs presented for identity verification at enrolling time are unaltered, official governmentissued documents. All without leaving the mobile channel and in a matter of minutes, therefore satisfying at once the institution’s need for a cost-effective and compliant way of verifying the identity of prospects at onboarding time and the end user’s high expectations for speed, convenience and security. arisen. Technological solutions such as our mobile ID verification software help firms to meet AML and KYC in an automated way and reduce operational risks. In the same vein, as regulations become more complex and expand their scope, increased use of technology for compliance is expected. For example, the European Union 4.1 Anti-Money Laundry Directive recognizes that electronic means of identity verification are as valid as those traditional ways of verifying the identity of your customer (in-person verification). Similarly, the UK Financial Conduct Authority acknowledges the advantages of electronic identity validation for cross-border transactions 012
Thought Leaders Corner With such figures supporting the increased relevance of mobile, banks capable of allowing their future clients to open an account from their mobile device will instantly gain an edge over other industry players. Recent market research reveals that around 25 percent less financial institutions will exist by 2020 as banks look to minimize the impact of increased competition with new players emerging. In such a competitive framework, how you do differentiate and where to innovate becomes of capital importance. For example, identity verification technology enables banks to get those prospects who cannot be approved by traditional means of identity validation out of their pended queue. These can be foreign workers, international students or young professionals that don´t have a solid credit record as yet but still make good future clients. Furthermore, integrating identity verification via mobile devices does not just enable banks and financial institutions to enjoy increased approval rates and tap on new niches, but also provides more choice to consumers, improved cardholder loyalty and stronger fraud protection for all stakeholders. Deepened engagement and loyalty as a result of outstanding customer experience Deepening engagement and loyalty is just possible if financial institutions deliver banking solutions that go above and beyond the regular service to match their prospects’ lifestyle and banking needs. A recent survey by Bank of America reveals that nearly two in three (62 percent) respondents use mobile or online as their preferred method of banking, which is significantly up from 51 percent in 2015. Despite the challenges posed by the migration from traditional services to digital banking, data gathered in the recent Digital Engagement Intensity Study conducted by Fiserv and Bank of the West prove that this is a fruitful transition: monthly revenue per customer increased by <strong>10</strong>.7 percent after enrollment in digital banking, compared to a 4.5 percent increase for non-digital users during the same period. Likewise, the report points out that higher engagement drove higher value. Among highly engaged customers – defined in the study as those who have the longest tenure, make the most transactions and generate the highest revenue -, average monthly revenue jumped 13.1 percent after digital enrollment. Mitek Mitek (NASDAQ: MITK) is a global leader in mobile capture and identity verification software solutions. Mitek’s ID document verification allows an enterprise to verify a user’s identity during a mobile transaction, enabling financial institutions, payments companies and other businesses operating in highly regulated markets to transact business safely while increasing revenue from the mobile channel. 013
Page 1 and 2: Vol 2. Issue 10 | October 2016 PCM
Page 3 and 4: Contents thoughtleaders 4 spotlight
Page 5 and 6: Thought Leaders Corner ? Behaviour
Page 7 and 8: Thought Leaders Corner Invisible Id
Page 9 and 10: Thought Leaders Corner start to bec
Page 11: Thought Leaders Corner is two to th
Page 15 and 16: expert interview exploring the huge
Page 17 and 18: expert interview pages, mobile paym
Page 19 and 20: Spotlight You think you have what i
Page 21 and 22: startup Spotlight secure access to
Page 23 and 24: SPECIAL FEATURE PCM: Any exciting n
Page 25 and 26: events Events Barcelona, Spain Mobe
Page 27 and 28: events Cairo, Egypt North Africa Fu

PCM Vol.2 - Issue 10

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